Essar Group co-founder Shashikant Ruia passes away at 81
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New Delhi: Shashikant Ruia, co-founder of the Essar Group and a towering figure in Indian industry, passed away at the age of 81, the company announced on Tuesday.
The Ruia and Essar Family expressed profound grief over his demise, remembering him as a patriarch who had an unwavering commitment to community upliftment and philanthropy. They described him as a leader whose humility, warmth, and extraordinary vision redefined India's corporate environment.
A first-generation entrepreneur, Ruia began his journey in 1965 under the guidance of his father, Nand Kishore Ruia. He co-founded the Essar Group, transforming it into a global conglomerate with diverse business interests and annual revenues of $14 billion.
Prime Minister Narendra Modi also paid tribute to Ruia, calling him a "colossal figure" in the business world. In a message shared on X, Modi lauded Ruia’s visionary leadership and dedication to excellence, which he said had significantly shaped India's industrial landscape. "He also set high benchmarks for innovation and growth," Modi wrote, expressing his condolences to Ruia's family and loved ones.
Ruia held prominent positions in various business and diplomatic forums. He was a member of the Prime Minister's Indo-US CEO Forum and the India-Japan Business Council. He also served as the Chairman of the Indo-US Joint Business Council and was a former president of the Indian National Shipowners Association.
His mortal remains will be kept at Ruia House for prayers, the company announced, allowing family, friends, and associates to pay their last respects.
The Essar Group remarked that Ruia's extraordinary legacy will remain a guiding light for future generations, as they pledged to honor his vision and uphold the values he cherished and championed.
With IANS inputs
